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KP2 up 1.43% to R71 today, which tracks the broader potash narrative but the real story is execution. Compared to peers like Sibanye-Stillwater, Kore's got a tighter focus on that Sintoukola project with massive potash demand tailwinds from India and Africa's agricultural shift,
Kore Potash is outside my usual food staples lane, but potash plays into agricultural input costs that trickle through to grocery margins, and KP2's recovery to R71 suggests some confidence in the Sintoukela project timeline, though execution risk remains material given the capex
KP2 took a bit of a knock today with that 1.39% slide to R71, but potash is still needed hey, so I'm not too worried about the long game here.
Trimmed my Kore Potash holding at R71 as potash cycle indicators suggest we're moving past peak pricing, though the structural shift toward African supply disruption keeps me from exiting entirely.
KP2 at R73 is still trading at a massive discount to its resource value if Sinopharm actually pulls through on funding. Three years of waiting for capital commitments feels like an eternity though — potash cycle could be completely different by then.